Investment Objective:
To provide investment results that, before fees and expenses, correspond generally to the total return performance of the Knowledge Leaders Developed WorldIndex.

How to Use the Fund:
For core exposure to developed worldequities.

Key Facts

(as of 7/6/2018)

Performance

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Returns less than one year are not annualized. NAV prices are used to calculate market price performance prior to the date when the Fund first traded on the New York Stock Exchange. Market performance is determined using the bid/ask midpoint at 4:00pm Eastern time, when the NAV is typically calculated. Market performance does not represent the returns you would receive if you traded shares at other times.For the fund’s most recent month end performance, please visit www.knowledgeleadersfunds.com/kldw.

The NAV is the ETF’s per share. The market price is the price that the ETF share currently trades in the secondary market.

Quarter end performance for the MSCI World Index is as of 3/29/18.

Alpha-Seeking Focus

Since inception, as of 5/31/18. Inception date 7/7/15.
Past performance does not guarantee future performance. For the comparison, all data above is benchmarked vs. the MSCI World Index.An investor cannot invest directly in an index.

When I was preparing my first first-author publication as a graduate student many moons ago, I desperately wanted to be the corresponding author. I wanted to be the first to get the reviews back from the journal and to have the experience of preparing a response to the editor. But even more than that, I wanted to get what used to be standard back then—the snail mail postcards from all over the world requesting snail mail reprints. How excited my grad school friends and I would get when someone in Nigeria wanted to read our paper! We competed for the most exotic reprint request, collected the stamps, put pins on a world map, and happily addressed envelopes to all corners of the globe.

Not too long after that first paper, postcard requests and hard copy replies were replaced by instantaneous email exchanges, which could get article copies into requestors’ hands quickly, cheaply, and more easily. For all the improvements in scientific communication powered by information technologies, that visceral joy and personal connection with people who want to read your work are largely gone now.

But I digress. In the decades since I was a graduate student, authorship has evolved in many different ways

Second, biomedical science is becoming more and more interdisciplinary, with molecular biologists, cell biologists, clinicians, engineers, and physicists working together to tackle big questions. This is undeniably awesome, but it often means that no one author on the paper really understands and can vouch for all the data.

Third, with the number of people entering the academic pipeline still growing (out of proportion to the number of opportunities to be successful and make a career of it), there is increasing pressure to amass every drop and dribble of credit. This means authorship discussions are more complicated and heated than they used to be. It is not uncommon now to see requests for five equal first authors, three equal fifth authors (can we really measure the contribution of the fifth author position so precisely that we can say three are equal?), or four corresponding authors. One response to this focus on ascribing credit is the helpful new
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that Cell Press authors are encouraged to use, which specifies the contribution of each author in the list. For more on the CRediT taxonomy, see
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and our followup
post from last week
.

Pelham's concerns for the security of the documents had been expressed before by public officials in Santa Fe. Governor James S. Calhoun had earlier suggested to the Territorial Legislature that if they could not provide funds for a safe repository for New Mexico's archives, they should at least consider hiring a night watchman to prevent break-ins.
[15]

In May 1856 Pelham once again wrote to the commissioner to inform him that several buildings in Santa Fe had been broken into during the past month and to repeat the urgency of his request for funds to construct a vault.
[16]
Four months later, Pelham was still trying to justify his original request. In response to questions from Washington, he argued that it was not feasible to purchase an iron safe large enough to hold the documents. Such an item could be found only "in the states," he noted, and it would have to be shipped to New Mexico at a cost more than twice the amount of his original request. He also noted that it would not be practical to locate them elsewhere in the territory.

Pelham also advised his superiors in Washington that roofs in New Mexico tended to leak under the best of conditions, and the documents that had been placed under his care were in danger of becoming wet every time it rained. He further emphasized that the documents which he had been assigned to safeguard were irreplaceable, and that any loss would be considered "very great."
[17]

Despite his efforts Pelham never got his stone vault. His actions, however, demonstrate a genuine concern for the safety and security of the records placed under his care. It may be said that although the survival of New Mexico's archives often can be attributed to interventions of “divine favor,” credit for the survival of the land grant records also can be attributed to timely intervention by the federal government.

In this manner a portion of New Mexico's Spanish and Mexican archives were removed from the custody of territorial officials. The land records Pelham withdrew from the Palace of the Governors remained in federal custody for more than a hundred years. They did, however, remain in New Mexico.

Throughout the remainder of the nineteenth century various officials expressed their concerns about the historical documents which remained in territorial offices at the Palace. During the mid-1850s responsibility for these archives fell to the territorial librarian whose primary duty was to maintain the Law Library.
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Men who held this position continually commented on the lack of facilities and the primitive conditions under which they operated. In 1867, incumbent Librarian José María Alarid complained that his predecessor had refused to provide him a current inventory of the books in the library and that he had found all the books simply piled on the dirt floor of the library in no discernible order.
[19]
Alarid's report had a familiar ring to it, since his own predecessor had complained of these same problems two years earlier.
[20]